Blowing Rock NC Mountain House Retreat
$700,000
target home price
$175,000
cost per share
$1,667 / mo
estimated costs
$1,750 / mo
monthly income
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,000
|
|
Closing Cost
$10,500
|
|
Reserve Fund Deposit
$5,250
|
|
Total Cash at Closing
$50,750
|
Details
Looking for a mountain home with 3-4 bedrooms. We really want a mountain view and potentially on a golf course. When it comes to the style of mountain house were looking for a semi high end property with emphasis on outdoor spaces like deck and screened porches. We're open to allowing owners to rent short term when unable to use time.
House Usage
- 4 shares total
- 13 weeks a year per share
About the Organizer
My wife and I, Chris, are a mature married couple with three kids, 28, 11 and 9 who currently live in piedmont region of NC. We already own 1/8 of home on Kiawah Island and looking for a mountain retreat. Like to play golf and hike. Currently have two kids in school and sports which limits ability to get away.
Amenities
- Porch
House Rules
- No pets
- No firearms allowed
- Short term renting permitted
Ask A Question
1 of 4
1 of 4
1 of 4
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$35,000
|
|
Closing Cost
$10,500
|
|
Reserve Fund Deposit
$5,250
|
|
Total Cash at Closing
$50,750
|
This is an estimate of the amount of cash needed when closing on the purchase of a property financed with a 30 year Mortgage at 8.0% interest rate.
Plum’s estimate includes 20% of the value of the house as a down payment, 6% of the value of the house for closing costs (including Plum’s Group Success Fee) and 3% of the value of the house for the initial reserve fund.
|
ESTIMATED MONTHLY EXPENSES PER SHARE
|
|
Mortgage Payment
$1,027
|
|
Insurance/Taxes
$190
|
|
Repairs
$146
|
|
Maintenance
$146
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$1,667
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,750
|
|
Total Monthly Income
$1,750
|
A good threshold for rental property investment is the 1% Rule (source). It states that you should only invest in rental property if you are reasonably confident that the property can rent for 1% of the sale price per month.
We’ve included that assumption here. It is critical that the group validate pricing, rental history, and future rental projections of any specific property before proceeding with a purchase. You can explore rental incomes of any property with this free estimation tool at Rabbu.com.